Korean firms in for US$ 2 bn hospitals projects in Iran

South Korean President Park Geun-hye, left, with Iranian President Hassan Rouhani

Korean construction firms have agreed to build 6,000 hospital beds in Iran, with a total value of around US$ 2 billion, according to Korea’s Ministry of Health and Welfare.

Memorandums were signed in the Iranian capital Tehran, following a state visit by Korea’s President Park Geun-hye earlier this month.

During her three-day visit, Park was accompanied by a delegation of around 200 company executives, interested in doing business in Iran, following the lifting of sanctions against the country in January.

Since the state visit, it has been reported that over 50 memorandums of understanding have been signed on a range of projects including infrastructure, energy and health care.

Under the terms of the agreements, Samsung C&T will build two hospitals in Tehran and Mazandaran, while Hyundai Construction and POSCO Daewoo will build another in Fars, in the southwest of the country.

Further facilities will be built by Daelim Industrial, GS Engineering & Construction, Hanwha Corp and Korea Medical Holdings.